New Solar Projects In Japan To Drive Growth

New Solar Projects In Japan To Drive Growth


SPCG Public Company Limited is a solar farm and roof developer and a solar power generator.

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With its own equipment, procurement and construction (EPC) team, it has completed 36 solar farms in Thailand with a total capacity of around 260MW, most under power-purchase agreements with the Provincial Electricity Authority.

Business Description

SPCG started its first solar farm project in 2010 and completed all of its 36 planned projects in June 2014, with total capacity of about 260MW. All of its plants are administered under a 25-year selling agreement including tariff and tax privileges with the Provincial Electricity Authority and the Metropolitan Electricity Authority.

Its solar rooftop panels for homes are sold at outlets such as HomePro (HMPRO TB). Further incentives for households have been given by a Thai government policy that allows the solar rooftop owners to sell excess electricity at Bt6.85/kWh for 25 years. This business is run through subsidiary Solar Power Roof Co., Ltd., which has an exclusive partnership with Kyocera (6791 JP) and is targeting the commercial segment as well.

Solar Projects In Japan

In partnership with other companies, SPCG has launched solar farms in Japan. A 30MW solar farm in Tottori is due to have its commercial operation date (COD) in April 2018 and the newly planned Ukujima Mega Solar Project with 480MW is set to begin construction in 2019 and is estimated to be ready for COD by mid 2020.


Wandee Khunchronyakong is the founder of SPCG and has served as its Chairperson and CEO since 2011. She has extensive experience in the field of solar energy and is also currently the Chairperson and CEO of Solar Power Co., Ltd. She has numerous degrees and doctorates from different institutions in Thailand and other countries.

Solar Projects In Japan

World Class Benchmarking

Profitable Growth has been excellent throughout the years, ranked at #2 or since 2014. In the past 12 months, SPCG ranked among the top 30 of 150 medium-sized Utilities globally.

Profitability has improved drastically from being ranked #7 in 2013 to become among the best in recent years. Growth, however, has fallen to an average rank from being top-ranked in 2013 and 2014.

Solar Projects In Japan

Asset utilization remained low over the years while Profit margin has been World Class since 2014.

Both Sales growth and Margin change have fallen over the years. In the past 12 months, however, Sales growth improved to #3 from #4 and Margin change improved to #6 form #7.

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Dr. Andrew Stotz, CFA is the CEO of A. Stotz Investment Research, a company providing institutional investors with ready-to- invest portfolios in Asia that aim to beat the benchmark through superior stock selection. The company also provides buy- and sell-side clients with financial models to value any company in the world and World Class Benchmarking to determine what companies are financially world class. Previously, as Head of Research at CLSA, Andrew was voted No. 1 Analyst in Thailand in the Asiamoney Brokers Polls for 2008 and 2009. He was also voted No. 1 Analyst in Thailand in the 2009 Institutional Investor magazine All-Asia Research Team Report. Andrew earned his PhD in finance at the University of Science and Technology of China in Anhui province, with a focus on answering questions raised by fund managers and analysts during his career about picking stocks and managing portfolios. In addition, Andrew has been a lecturer in finance for 22 years at various universities in Thailand. Since 2013, he has been the president of the CFA Society of Thailand. He is also the author of How to Start Building Your Wealth Investing in the Stock Market.

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